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TTF Holding Near Lows Despite Cool Weather

NATURAL GAS

A cooler end to the winter heating season in Europe is providing some support to TTF prices but front month remains only just above the lowest since Aug 2021. The latest weather forecast shows temperatures in NW and central Europe below normal over the next week but with a possible return to normal towards the middle of March.

    • TTF APR 23 down 0% at 46.65€/MWh
    • TTF SUM 23 down -0.7% at 47.15€/MWh
  • Healthy LNG supplies and high storage levels are limiting any upside due to the higher heating demand. Total LNG sendout was up at 489mcm/d on 24 Feb and gas spreads still encourage US gas flows to Europe over Asia.
  • Total EU gas storage is at 61.65% according to GIE data from 27 Feb compared to a five year average of 50.1%.
  • Norwegian imports are today nominated up at 342.1mcm/d and gas transit flows through Ukraine at today expected at 42.2mcm/d.
Energy BulletsCommodities
Energy BulletsCommodities

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